Activity 4.2- The Codex Leicester

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Collecting art has increasingly become an interest of wealthy and elite. The market seems to function as self-perpetuating cycle, those with the financial means are the only ones capable of making such purchases, and their willingness to spend freely drives prices even higher. As values rise, access narrows even more, reinforcing the reality that only the wealthy have the means to participate.

But this raises an important question, why has art collecting become such an interest among this particular class? There are several explanations. The most straightforward is a true appreciation, many collectors truly value art and are drawn to its significance. Beyond personal interest, art has a history of retaining value, even during periods of economic instability. As an investment, it is relatively low risk, offers the potential for high returns, and serves as a tool to diversify one’s portfolio. For individuals with substantial wealth, art can function both as a passion and a financial asset.

In the case of Bill Gates, his purchase of the Codex Leicester appears to be a mix of these. He has expressed his deep admiration for Leonardo da Vinci in several interviews. He has valued da Vinci’s curiosity and innovative thinking. In many ways, Gates purchasing the Codex resembles a devoted fan purchasing a piece of memorabilia from a celebrity or pro athlete.

Gates has also demonstrated a commitment to preserving the Codex and making it accessible to the public. While many privately owned artworks remain out of the public eye, occasionally loaned to museums but often left unseen, Gates has taken a different approach. He has worked had on the Codex’s preservation and digitization, regularly lending out the preserved work to museums for display and creating a digital version available to anyone. His “Codescope” project, created to honor the 500th anniversary of da Vinci’s death, allows viewers to explore and translate the manuscript in new ways.

At some point, should he choose to sell it, the Codex will most certainly yield a substantial financial return. Yet at present, Gates appears to have invested more into its preservation and accessibility than he has gained from it. While art is often collected for its monetary potential, that does not seem to be the case with Gates.

Debate will always surround the private ownership of art. Supporters argue that collectors help support artists, find personal fulfillment, and contribute to lasting philanthropic legacies. Critics counter that private ownership removes important work from the public, complicates provenance, influences market manipulation and lacks consistent conservation standards. These arguments all carry weight. Still, Gates’ ownership of the Codex Leicester offers an inspiration for how private collectors can balance a private collection with public benefit. If more collectors approached their collections with similar care and openness, both sides might find more common ground.

 

 

Sources

Mencher, S. (2012, February 7). The Codex: Leonardo da Vinci meets Bill Gates [Video]. YouTube. https://www.youtube.com/watch?v=kuVNHlUJlGQ

MyArtBroker. (2023). Why do billionaires invest in art? MyArtBroker. https://www.myartbroker.com/investing/articles/why-do-billionaires-invest-in-art

Popomaronis, T. (2019, April 2). Why billionaire Bill Gates paid $30 million for this book 25 years ago—and why it still inspires him today. CNBC. https://www.cnbc.com/2019/04/02/micrsoft-billionaire-bill-gates-paid-30-million-for-this-book-25-years-ago-and-it-still-inspires-him-today.html

Tindera, M. (2021, November 21). Bill Gates owns one of Leonardo da Vinci’s manuscripts—here’s how much it’s worth. Forbes. https://www.forbes.com/sites/michelatindera/2021/11/21/bill-gates-owns-one-of-leonardo-da-vincis-manuscripts-heres-how-much-its-worth/

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